Journalist David DeGraw has put together a devastating report detailing how Wall Street continues to
pillage the economy with the government's help. "The staggering level
of theft continues unabated," writes DeGraw. "Our future is going up
in flames and our government isn’t even making the slightest effort to put out
the fire. In fact, they are purposely pouring gasoline all over
it." DeGraw's investigation is a follow up to his
previous report The Economic Elite Vs. The People of the United States of
America -- check that one out to get caught up. AlterNet
will run in a series of articles based on DeGraw's investigation. Here is part
one.

The first thing people need to understand is that the
economic crash wasn’t a crash for the people who caused it. In fact, these
financial terrorists are now doing better than ever. In a recent report, titled
“Social Inequality in America: Widening Income Disparities,”
more evidence of the unprecedented transfer of wealth was revealed:

“As of late 2009, the number of billionaires soared from 793
to 1,011, and their total fortunes from $2.4 trillion to $3.6 trillion….
Despite the crisis, the list of billionaires has grown by 218 people and their
aggregate capital has expanded by 50%. This may seem paradoxical, but only at
first glance. This result was predictable, if we recall how governments all
over the world have dealt with the economic crisis.”

The inequality of wealth in the United States between the economic
top 0.5% and the remaining 99.5% of the population is now at an all-time high.
The economic top 1% of the population now controls a record
70% of all financial assets. The point here is that while the
economic crisis has been devastating for 99% of America, the Wall Street elite are
awash in record breaking profits. The most profitable firm in Wall Street
history, Goldman Sachs, just had their most profitable quarter in their
140-year history and Wall Street firms issued an all-time record breaking
amount in bonuses.

All of this is occurring after giving these firms $14 TRILLION in
taxpayer support - that works out to be $46,662 of your hard-earned money.
That’s $46,662 for every man, woman and child in this country. If you have a
family of four, sorry, your future just got robbed and you and your children
just lost $186,648!

So what are all these firms doing with these record-breaking
profits? Are they returning them into the tax system in which they came from,
the tax system that was looted just to keep their scam running?

No!

Let’s start with Wells Fargo. After being bailed out with
our money in 2008, their top five executives DOUBLED their compensation and
each one of them made over $11 million in 2009. Wells Fargo CEO John Stumpf
made off with a cool $21.3 million last year.

And now comes news that Bank of America and Wells
Fargo will pay zero, yes ZERO
in federal taxes for 2009. Bank of America will net a $3.6 BILLION benefit from
the federal government in 2009. Wells Fargo, after $8 BILLION in earnings for
2009, will net $4 BILLION from the federal government.

So you and I are working our asses off just to make ends
meet, paying 30% of our limited income in taxes, and gizillionaire John
Stumpf’s company is paying ZERO in taxes so that he can personally swipe
another $21.3 million of tax payer funds.

Al Capone is a dime store thief compared to this guy!

Well, to be fair, Mr. Stumpf is just a small-timer himself
in this all-time greatest heist.

JP Morgan Chase made $12 BILLION in profit in 2009, as a
direct result of our tax money - yes, I need to keep repeating this fact. These
are profits that would not exist if it weren’t for our tax dollars.

It’s also important to point out that this is just the level
of theft that has already occurred. However, as I also can’t stress enough, the
theft still continues without any let-up.

Now comes news that JP Morgan is on the verge of getting
a $1.4 BILLION tax refund!
Yes, you heard me right, a $1.4 BILLION TAX REFUND. But JP is not alone in this
latest theft. In total, the financial terrorists are due to receive $33 BILLION IN TAX REFUNDS!

Do you comprehend how depraved it is to give these people
another $33 billion in tax refunds? I assume that they’re thinking that after
stealing $14 TRILLION, another $33 billion really isn’t all that much. After
all, last year, Goldman Sachs, the most profitable firm Wall Street history,
only paid 1% in taxes, so what’s another $33 billion kickback among friends?

Let’s be clear about this latest $33 billion of which the US tax system
is being robbed. What could we do with $33 billion?

For one, we could put over one million unemployed people
back to work and pay them the average national median wage for the next year.
Add the record-breaking $150 billion in bonuses (our tax money) that Wall
Street handed out this past year to the $33 billion and guess what? We can now
put over six million people back to work making the average annual wage! Do you
think that would stimulate the economy? Green shots galore.

But why do that? Jamie Dimon needs another new 40,000 square
foot mansion and Goldman Sachs needs to upgrade their fleet of luxury jets
filled with the finest wine, champagne, cigars and hot tubs.

Maybe we could use that $33 billion to save some of the
hundreds of schools that are being forced to close this year due to devastating
State budget deficits. Or maybe pay the thousands of teachers who just found
out that their jobs have been cut. How about using that money to feed the 50% of US children who
need to use food stamps during their childhood to eat? How about using it to
give a raise to the 15 million US
workers who work 40 hours or more a week and still fall below the poverty line.

Wait, I know, how about helping the millions of Americans
who have been foreclosed upon due to JP Morgan’s predatory lending schemes and
illegal subprime “liar’s loans.”

Did the Fed and the Treasury orchestrate a de facto bailout
of Fannie Mae and Freddie Mac — at public expense and sans Congressional
approval? John Hussman thinks so. He provides a detailed account of just how
1.5 trillion dollars got diverted to Freddie and Fannie — money that we can all
kiss goodbye. American taxpayers, it seems, have gotten the middle finger once
again.

“After years of winks and nods, there’s no doubt that Fannie
and Freddie now enjoy an explicit guarantee, according to most observers. The U.S. government
placed Fannie Mae and Freddie Mac in conservatorship in September 2008: ‘This
means that the U.S. Taxpayer now stands behind $5 trillion of GSE debt,’
according to the Congressional Research Service.”

Hank “Pentagon-Sachs” Paulson’s right-hand man Tim Geithner,
now Obama’s hand-picked Treasury Secretary and point man for the continued
looting, recently assured his
friends on the Financial Services Committee: “We will do everything necessary
to ensure these institutions have the capital they need to meet their
commitments.” Geithner then acknowledged that US taxpayers will take “very
substantial” losses on this bailout.

Yep, Obama’s Chief-of-Theft, Rahm “Freddie Mac Daddy”
Emanuel’s former company now has unlimited ability to rob taxpayer money and is
making off with $5 TRILLION. And I thought Cheney’s Halliburton was as bad as
it could get.

Yes We Can… Get Robbed Even More!

But don’t worry, if you thought the past two years were bad,
the history books will recall them as a walk in the park compared to what is
coming our way. You don’t have trillions looted from the economy and continue
to just keep going about your life business as usual. I wish I was wrong, and I
wish this was just my opinion, but facts are facts and every societal and
economic indicator says things are going to get worse, MUCH WORSE.